My first Rental

[Guevara M.]

First of all I would like to say that this forum is Great! I can't stay off it. Even at work when I should be working I spend more time reading on this forum. I purchased my first rental back in 2004 which is a 1/1 town home. I knew nothing about REI & still don't know much. I did learn that I paid to much for my rental. The main reason I purchased it back then was to help build credit. It was a complete mess when I got into it. The original owner's had pets & smoked. The carpet & flooring was horrible. The walls & ceiling were just as bad and you can imagine how the kitchen & bath were. I went through & replaced all the flooring. Added new paint every where. New toilet, vanity sinks, fixtures, lights, switches, etc..... I kept the same appliances & just cleaned them up really good. I'm now at the point of thinking of selling it to help purchase my first house to rehab. I'm just not sure if I should sell it or keep it as rental. Maybe I should just live there & save money to purshase a rehab. What do you guys think??? I currently rent a 1/1 apartment with my fiance. Here is a list of the purchase price & the balance on it:

-Purchase price around $36,000.00 @ 6.125%
-Principle balance around $34,500.00

It's appraised @ $50,000.00

One unit just like mine sold a couple of weeks ago for $52,000.00
I plan on installing new windows & tile in the bath & kitchen. Also plan on doing some updating to it. New paint, kitchen counter top & carpet. If I knew what I know now then I would have done all this the first time. I will try to post some pics of it as it is now. I wish I had before pics but I didn't know any better. Please beware that the lady that stays there has lots of magnets along with other things. Any advice you can give me about updating, color choices or keeping/selling it would be really great. Thanks!